The process of developing a business involves seeking new opportunities, establishing and maintaining relationships with customers, forming strategic partnerships, and establishing strategies to increase profits. It affects almost every department of a business from human resources to marketing. This field is difficult because it requires constant monitoring to prevent cyberattacks that can damage systems or even cause them to fail and compromise the data of businesses and organisations.

In the last decade the cyber-attacks have become more sophisticated as hackers are targeting more digital assets. Particularly, the scope of attacks grew as criminals focused on monetization and profit. In response, cybersecurity has been elevated to the top of many companies’ priority lists. Implementing efficient security tools is vital to the success of any business due to the danger of losing customers, lawsuits, and regulatory fines.

The cost of implementing cybersecurity technology can be prohibitive to SMEs who operate under tight financial restrictions. This study aims at identifying the internal and external factors affecting SMEs using cybersecurity technologies. A systematic review of the literature was conducted using Google Scholar and databases like EBSCO and ProQuest to find relevant research papers. To locate relevant studies, key phrases like cybersecurity and data breaches were searched for.

This study indicates that technological characteristics and perceived utility are the most important factors driving the adoption of cybersecurity technology within SMEs. Further, IT modularity and observability are strongly associated with the adoption of cybersecurity technologies in SMEs.

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